By: Jessica Holbrook
December 21, 2012
MILTON, WIS. (Dec. 21, 4:15 p.m. ET) — Film extruders NEX Performance Films Inc. and Charter Films Inc. have merged and will now do business as Charter NEX Films.
Charter NEX will be led by members of both companies' management teams. Details of the merger were not disclosed.
According to a news release announcing the merger, NEX and Charter both “serve similar markets; have outstanding industry reputations, complementary areas of specialization and a long history of mutual respect.”
Charter NEX plans to invest in additional extrusion capacity in the near future to serve growing demand.
NEX, based in Milton, makes monolayer, coextruded and barrier films for flexible packaging. The company has plants in Rhinelander, Wis., and Turner Falls, Mass., and reported annual sales of $110 million, according to the most recent Plastics News ranking.
NEX is owned by private equity firm Mason Wells of Milwaukee.
Charter, based in Superior, Wis., specializes in blown film extrusion for a variety of markets including agriculture, automotive, consumer goods, and food and beverage packaging.
Charter NEX will continue producing monolayer, coextruded and barrier films for a variety of high-performance film applications and will continue to operate its plants in Superior, Rhinelander, Milton and Turners Falls.